Increased Support for Online Gaming Could Give Industry a Boost
NEW YORK , Feb. 24, 2021 /PRNewswire/ -- The gaming industry has come a long way over the past couple of decades, fueled by new technological advancements like AR\VR, rising smartphone adoption, as well as changing gamer preferences. The rise of online gaming has been especially interesting to watch from an investor perspective as it has been one of the major driving forces in the industry's exponential growth. In addition to this, gradual changes in regulations that have allowed online gambling to become legal in some US states have been instrumental in bolstering the industry's future prospects. With Google now increasing its support for online gaming, companies like 888 Holdings (OTCPK:EIHDF), Penn National Gaming (NASDAQ:PENN), Rush Street Interactive (NYSE:RSI), DraftKings Inc (NASDAQ:DKNG), and Bragg Gaming (TSX:BRAG.TO) (OTCQX:BRGGF) seem extremely well positioned to benefit from this move.
Google Allows Online Gambling Apps Back into the Play Store
Google recently announced that it would be making changes to its Play Store policies that would allow online gambing and betting apps in the US and 15 other countries by March 1, 2021 . Online casino games, lotteries, sports betting, and daily fantasy sports are all included in the new policy, and since Bragg Gaming (TSX:BRAG.TO) (OTC:BRGGF) offers all these services in addition to a turnkey mobile and online i-Gaming platform, Google's policy change ties in well with its short-term plans of expanding throughout North America .
With industry estimates projecting that at least $20 billion has been wagered since the United States Supreme Court allowed states to legalize sports betting back in 2018, and that 80% of bets are being placed online, it's clear that traditional wagering has been disrupted and early movers have already began carving up their share of this lucrative market.
Bragg Gaming hasn't been left behind and is currently in the middle of aggressive expansion plans within both the US and Europe . This has resulted in a couple of notable agreements and partnerships, such as the one with sports betting solutions provider Kambi Group. The two agreed to a multi-channel deal to supply sportsbook technology to three New York casinos operated by Seneca Gaming Corporation.
Back in December, Bragg expanded its footprint in Germany after partnering with StarGames and signing a multi-jurisdiction distribution deal with Nordic-based international operator Paf to provide its exclusive RGS content.
Partnerships Spur Online Gaming Adoption
888 Holdings (OTC:EIHDF) initially launched in New Jersey in partnership with Kambi, its sportsbook provider across global regulated markets to offer customers a range of sports markets to bet on across desktop, mobile, and tablet devices. According to the company, the launch would pave the way for expansion into other states with legalized online gambling while setting the stage for further expansion as regulations changed. Recently, the company cemented its position as the premier online poker platform after it agreed to a multi-year extension of its exclusive B2B poker partnership with Caesars Interactive Entertainment which will see it continue to power the World Series of Poker ("WSOP") brand's online poker rooms.
Penn National Gaming (NASDAQ:PENN) has also been making significant progress in online gaming thanks to its most recent acquisition of Barstool Sports. With this acquisition, the company gained access to Barstool's 66 million unique visitors a month with the perfect age demographic to fuel new customer acquisitions. And the strategy is working. Among the highlights of the company's recent fourth quarter earnings were the strong demand for the Barstool Sportsbook mobile app experienced in Michigan after being introduced last month.
Rush Street Interactive (NYSE:RSI) , which operates online casino and sports betting gaming companies in the US was the first gaming company to launch a regulated online gaming site in Pennsylvania . The company attracted a bit of attention after it partnered with Pariplay Ltd, part of The Aspire Global Group, due to the fact that the partnership would make it the first online casino operator in the country to offer the group's assortment of high-quality online casino games on its platform. The company boasts of being one of the fastest growing i-gaming platforms and will now operate in nine states after recently launching its flagship sportsbook betrivers.com in Virginia .
DraftKings Inc. (NASDAQ:DKNG) is one of the top names in sports betting and is winning big with its focus on sports bettors. Thanks to the rapid shift to online gaming, the company expects that this will be a remarkable year, given the record number of bets that were expected for the Super Bowl. In a recent survey, DraftKings found that 82% of fans were planning on placing a legal wager this year on the Super Bowl.
With roughly 5 million players expected to place their bets online or on a mobile platform, representing a 19% increase from last year , innovative gaming and technology companies like Bragg Gaming couldn't be better placed to capitalize on this opportunity.
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